Saudi Arabia and Iraq say they remain committed to working in OPEC+ format

25 November 2022

Saudi Energy Minister Abdulaziz bin Salman Al Saud and his Iraqi counterpart Hayan Abdul Ghani said their countries are committed to working within the OPEC+ format. Reuters reported this on Friday.

According to it, in their joint statement after the meeting in Riyadh, the ministers "stressed the importance of working within the OPEC+ framework" and indicated that they would "take further measures to ensure the stability of the oil market" if necessary.

Earlier, The Wall Street Journal, citing delegates of the OPEC forum, reported that Saudi Arabia and other cartel member countries are discussing the possibility of a decision to increase oil production by 500 thousand barrels per day at the upcoming OPEC+ meeting, which is scheduled for December 4.

At the previous meeting, held on October 5, the alliance members agreed to reduce production by 2 million bpd starting in November, and extended the deal until the end of 2023. As of August, the quotas within the framework of OPEC+ deal will be taken as a reference point for oil production reduction. In the communiqué published following the meeting, it was noted that the decision to reduce production was taken in view of the uncertainty both in the global economy and in the oil market.



GSV "Russia - Islamic world"

Photo: Public Domain

Based on materials from TASS